PASADENA, Calif.–Wescom Credit Union said it is now offering a discount on loans for “green” vehicles for the purchase or refinance of a qualifying electric or hybrid vehicle.
This 25-basis-point discount is in addition to what the credit union said is its already low loan rates.
Wescom said anyone who qualifies to open an account with the CU may apply for an auto loan to take advantage of the discount on electric or hybrid vehicles, with a minimum loan amount of $10,000. In addition, Wescom is also offering no payments for 90 days, terms out to 84 months, and an additional 50 basis point discount for insuring the vehicle through the credit union.
“Wescom’s mission is to build better lives for Southern Californians and through this new Green Vehicle Loan discount initiative, we are able to promote sustainability while having a positive impact on our members’ wallets,” said VP-Consumer Lending Jeff Smrcka. “We know that many of our members – particularly our Millennial and Gen Z members – are concerned about the environment, so offering this corresponding loan discount is an additional way we can assist them in living their values every day.”
Wescom noted Southern California is one of the biggest markets for electric vehicles and on the state level. California is at the forefront of the electric vehicle movement and pushing for a zero-emission future by 2035. Approximately 15% of all new vehicles sold in California at mid-2022 were electric vehicles.
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